ASMC prices IPO at mid-point of range

Institutions get 90% of deal after cool retail response. It is the first Hong Kong IPO in four months to have no clawback.

Chinese chipmaker Advanced Semiconductor Manufacturing Corp ASMC has priced its IPO at the mid-point of the indicated range, allowing it to raise HK$650.7 million $84 million before the April 7 trading debut.

The Shanghai-based company will be delighted to have finally completed this funding exercise, which was mandated as far back as 2000 and was almost launched a year ago before a slowdown in the tech cycle prompted underwriters BOC International and Goldman Sachs to postpone.